ED attaches properties worth Rs 26.30 crore in Rs 139 crore cheating case

According to the ED, between 2010 and 2020, the former employees colluded to defraud HUF India Pvt Ltd. They manipulated purchase orders, created false invoices, and used a fake company stamp to generate goods receipt notes (GRNs). These actions allowed them to release funds to vendors without any goods or services being provided.

The vendors involved in the scam subsequently transferred the funds back to the bank accounts of Garg, Agarwal, their family members, and associated firms under the pretense of providing consultancy services, despite no such services being rendered. The accused also extorted commission payments from vendors, threatening to stop their services unless payments were made.

The illicit funds were transferred into personal and dummy firm accounts, which were then used to acquire movable and immovable properties in the names of Garg, Agarwal, their families, and the firms.

Earlier, on September 4, 2024, the ED conducted searches at the premises of the accused and vendors, freezing bank accounts, fixed deposits, shares, and mutual fund investments worth Rs 10.15 crore.